PHILADELPHIA — The Securities and Exchange Commission cannot set up a corporate-style disclosure regime for the municipal market under its rules because it does not have the statutory authority to do so, the SEC’s muni chief told financial advisers here yesterday.

Speaking to the National Association of Independent Public Finance Advisors annual conference, Martha Mahan Haines, chief of the SEC’s Office of Municipal Securities, said she has received “many suggestions” from market participants that the SEC simply use its Rule 15c2-12 on disclosure to “indirectly establish essentially a corporate regime for municipal issuers.” The rule sets up a municipal securities disclosure regime through municipal broker-dealers.

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